SL-India sign Dollar Credit Line for fertilizer

June 10, 2022 at 4:24 PM

Sri Lanka today signed an agreement with India to obtain a Dollar Credit Line for the procurement of Urea fertilizer, the Prime Minister’s Media Division said.

The agreement was signed by the Secretary to the Ministry of Finance, M. Siriwardena with the EXIM Bank of India.

The Government requested a credit facility from the Government of India for the importation of Urea Fertilizer of 65,000 MT in order to cater to the immediate requirement of Urea fertilizer demand during the Yala cultivation season. 

In response to the request, the Government of India agreed to offer a Dollar Credit Line amounting to USD 55 million for the procurement of Urea Fertilizer from India.

The signing of the agreement was overseen by Prime Minister Ranil Wickremesinghe, Minister of Agriculture Mahinda Amaraweera, and the High Commissioner of India to Sri Lanka, Gopal Baglay.

The Prime Minister had previously indicated that ensuring food security for the populace was his priority as the country is facing grave shortages of essential food items. 

The Prime Minister’s Media Division said this credit facility could help to ensure the availability of Urea for the upcoming Yala season. (NewsWire)